The board of directors of Urb-it AB (“Urb-it or the“Company”) has, pursuant to the authorisation granted by the annual general meeting held on 16 April 2021, resolved on a directed issue of 18,650,000 shares at a price of SEK 4.30 per share (the “Share Issue”). The Company raises approximately SEK 80 million before transaction related costs through the Share Issue.
The subscription price of SEK 4.30 per share, corresponding to a discount of approximately 6.3% compared to the volume-weighted average price for the Company’s share on Nasdaq First North Growth Market during the last 10 trading days and a discount of approximately 8.3% compared to the closing price for the Company’s share on 27 October 2021, has been determined based on discussions with several institutional investors who have shown interest in participating in the Share Issue. In view hereof, it is the board of directors’ assessment that the subscription price is market-based.
The Share Issue was primarily directed to a limited number of institutional investors, including Skandia and Ilija Batljan Invest AB
Kevin Kviblad, CEO of the Company, comments:
“The completion of the directed share offering puts Urb-it in an attractive position. We have expanded from three to nine cities in less than 10 months, we have a first mover advantage in key European markets, and we are right now in a position from which we can scale rapidly.
Our new partners are in place, the demand is in place, and we can deploy the capital immediately by setting up new hyper-local hubs and scaling up our e-cargo bike fleet in our home markets UK and France – in both current cities and by expanding to new cities. Additionally, the new capital will enable us to pursue marketing opportunities that will further support growth.
In short, the share issue will enable us to hit the ground running, leveraging our favourable position and make a step change in our growth trajectory.”
The rationale for carrying out the Share Issue and the reasons for the deviation from the shareholders’ preferential rights is that Urb-it has identified an opportunity to raise capital in a time- and cost-efficient manner, while at the same time diversifying and further strengthening the shareholder base. The proceeds from the Share Issue are primarily intended to be used for used for establishing new hyper-local hubs and scaling Urb-it’s e-cargo bike fleet in existing and new cities and invest in marketing to further support the Company’s growth.
Through the Share Issue, the Company’s share capital will increase by approximately SEK 2,286,568.8 from approximately SEK 23,813,306.5to approximately SEK 26,099,875.3 through issue of 18,650,000 new shares,entailing that the total number of outstanding shares will increase from194,229,084 shares to 212,879,084 shares. The Share Issue will entail a dilution of approximately 8.8 per cent for existing shareholders based on the total number of outstanding shares and votes in the Company following the Share Issue.
ABG Sundal Collier has acted as Sole Bookrunner and KANTERAdvokatbyrå has acted as legal adviser to the Company in connection with the Share Issue.
For further information, please contact:
Kevin Kviblad, CEO, firstname.lastname@example.org
About Urb-it AB (publ)
Urb-it is a Swedish logistics company and Certified B Corporation™. Powered by a robust technical platform, and its community of delivery Couriers, Urb-it offers a customer-centric end-to-end fulfilment service for e-commerce, retail and the convenience market. The company today operates in the UK and France and works with leading European brands.
The company's mission is to transform logistics with a human service that fights for the health of our cities. Delivering the last-mile exclusively on foot, bike or with cargo-bikes, Urb-it aims to reduce air pollution, noise pollution and congestion in urban areas, while providing a delivery service that exceeds customer expectations. Our Urb-it community of Couriers are carefully recruited and trained by Urb-it to provide excellent service.
The solution is available to merchants via direct API-integration as well as through a range of leading transport management systems. Services include delivering the same-day, next-day, nominated day and returns, and can be fulfilled both from the merchant's online store and physical store network.
*Statista largest cities in the UK in 2020 https://www.statista.com/statistics/294645/population-of-selected-cities-in-united-kingdom-uk/
This information is information that Urb-it AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication through the agency of the contact person set out above on 27 October 2021 20:00 CEST